22 U.S. Code § 262c - Commitments for United States contributions to international financial institutions fostering economic development in less developed countries; continuation of participation

(1)for humanitarian, economic, and political reasons, it is in the national interest of the United States to assist in fostering economic development in the less developed countries of this world;

(2)the development-oriented international financial institutions have proved themselves capable of playing a significant role in assisting economic development by providing to less developed countries access to capital and technical assistance and soliciting from them maximum self-help and mutual cooperation;

(3)this has been achieved with minimal risk of financial loss to contributing countries;

(4)such institutions have proved to be an effective mechanism for sharing the burden among developed countries of stimulating economic development in the less developed world; and

(5)although continued United States participation in the international financial institutions is an important part of efforts by the United States to assist less developed countries, more of this burden should be shared by other developed countries. As a step in that direction, in future negotiations, the United States should work toward aggregate contributions to future replenishments to international financial institutions covered by this Act not to exceed 25 per centum.

(b) Funding commitments to international financial institutions; availability of funds subject to appropriations

The Congress recognizes that economic development is a long-term process needing funding commitments to international financial institutions. It also notes that the availability of funds for the United States contribution to international financial institutions is subject to the appropriations process.

Section effective Oct. 3, 1977, see section 1001 ofPub. L. 95–118, set out as a note under section
282i of this title.

Future United States Contributions to the International Financial Institutions

Pub. L. 96–536, § 101(b) [H.J. Res. 637, § 101(b); H.R. 4473, title I], Dec. 16, 1980, 94 Stat. 3167, provided in part that: “It is the sense of the Congress that the United States share of contributions to future replenishments of the International Financial Institutions should not exceed the percentages enumerated below for each of the respective accounts within these institutions:

“Asian Development Bank:

“Paid-in capital, 16.3 percent;

“Callable capital, 16.3 percent;

“Asian Development Fund, 22.2 percent;

“African Development Bank:

“Special Fund, 18 percent;

“Inter-American Development Bank:

“Paid-in capital, 34.5 percent;

“Callable capital, 34.5 percent;

“Fund for Special Operations, 40 percent;

“International Bank for Reconstruction and Development:

“Paid-in capital, 24 percent;

“Callable capital, 24 percent;

“International Development Association, 25 percent;

“International Finance Corporation, 23 percent.”

Similar provisions were contained in the following appropriation acts:

“(a) The Secretary of State and the Secretary of the Treasury shall initiate a wide consultation designed to develop a viable standard for the meeting of basic human needs and the protection of human rights and a mechanism for acting together to insure that the rewards of international economic cooperation are especially available to those who subscribe to such standards and are seen to be moving toward making them effective in their own systems of governance.

“(b) Not later than one year after the date of enactment of this Act [Oct. 3, 1977], the Secretary of State and the Secretary of the Treasury shall report to the President of the Senate and the Speaker of the House of Representatives on the progress made in carrying out this section.”

LII has no control over and does not endorse any external Internet site that contains links to or references LII.